Borrell names condition for Russian assets to fund weapons for Ukraine

This was stated by EU High Representative for Foreign Affairs and Security Policy Josep Borrell.

The condition for using Russian assets to purchase weapons for Ukraine is the consent of all EU members.

"If Member States agree - it has to be a unanimous decision upon a proposal by the High Representative, – we could use the windfall profits of Russian frozen assets to purchase arms for Ukraine and/or help strengthen its defence industry," Borrell said.

According to him, the EU had previously considered using these assets to rebuild Ukraine, but now it is to prevent new destruction.

"So far, we have considered using these profits to support the reconstruction of Ukraine.  However, currently, the main issue in Ukraine is not so much reconstruction, but rather avoiding further destruction. If Member States agree, it would make sense to use these resources to procure additional military support for Ukraine through the European Peace Facility," the EU's top diplomat emphasized.

"In the longer term, we could also use these funds to support the Ukrainian defence industrial base," he added.

Russian assets in the EU: what is known

On January 30, the Political Affairs Committee of the Parliamentary Assembly of the Council of Europe adopted a draft resolution that provides for the confiscation of frozen Russian assets and their transfer to a new fund for the rebuilding of Ukraine.

Europe holds €191 billion of Russia's €260 billion of frozen foreign assets, which generated €4.4 billion in profit in 2023, and they want to hand them over to Ukraine.

The G7 countries and the EU are discussing a plan to use the frozen assets of the Russian central bank worth more than $250 billion as collateral to finance Ukraine's recovery.

On February 12, the EU Council adopted a decision to regulate the future mechanism for using the proceeds of frozen Russian assets in the EU in favor of Ukraine.

British Prime Minister Rishi Sunak said that Western countries should take a bolder approach to confiscating Russian assets that they froze after Russia's full-scale invasion of Ukraine.